Income tax developments. This page provides generalized information and may not apply to you and should not be acted upon without specific professional advice. You should consult your tax adviser if you have any questions.

Sunday, April 27, 2008

http://accountant.intuit.com/practice_resources/articles/tax/article.aspx?file=tmdd_TaxRegClientCommsHere is an example:When George Green prepares a client's return, he routinely checks to see if the client is eligible to make a contribution to an individual retirement account (IRA). If the client is eligible, Green asks if the client wants to make an IRA contribution. He does not ask about IRAs if a client not eligible to make a contribution. Green is "using" tax return information when he asks whether a client is interested in making an IRA contribution because Green bases the inquiry on knowledge gained from information that the client furnished in connection with preparation of the client's return.

Saturday, April 12, 2008

I like electronic fund transfers and paying taxes is no exception. In my opinion, it is so much easier and safer than mailing checks. Paying taxes electronically will never have your checks fallen into the wrong hands, or keypunching errors at the IRS. And even if you mail the payment certified with return receipt, all you can proof is that you mailed something to the IRS.

If you e-file your tax return, you can set up direct withdrawal at the same time. And even if you paper file your tax return or if you have already e-filed your tax returns without selecting electronic payment options, you can still do so by going to www.eftps.gov for the IRS and http://www.ftb.ca.gov/online/webpay/index.asp for the state of California.

With direct withdrawals, you can arrange to have the taxes paid on the due date and not a day earlier. Your bank statement will clearly show the amount was paid to the IRS or Franchise Tax Board for tracking purposes.

About Me

Born and raised in Hong Kong. Moved to Sacramento, CA in 1968 to attend college.

Recent travel destinations include Antarctica Peninsular, Arctic Svalbard; Churchill, Manitoba; Machu Picchu; Shanghai; river cruise from St. Petersberg to Moscow; river cruise from Nanjing to Chongqing; plus various national parks.

My first SLR camera is a Minolta SRT-101 and my latest camera is a Nikon D300.